Oil Currency and the Dollar Standard: A Simple Analytical Model of an International Trade Currency
建立了一个理论框架，分析美元作为国际贸易定价和主要商品计价货币的经济收益，发现美国企业因美元计价而承担的汇率风险较小，但量化收益极小。
The U.S. dollar is the central reference currency for international trade pricing and the main invoicing currency for primary commodities. This paper links these two observations within a stylized theoretical framework, and shows how to obtain a quantitative estimate of the gain to the U.S. economy when the dollar is a reference currency. With dollar invoicing of primary commodities, U.S. firms bear less exchange rate risk than foreign firms. This asymmetry leads to a dollar standard in international goods pricing. We then derive a simple analytical formula to calculate the gains and find that they are extremely small.